virtual bank

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Also found in: Financial, Acronyms.

virtual bank

A financial institution that handles all transactions via the Web, email, mobile check deposit and ATM machines. By not having the overhead of physical branches, people expect a virtual bank to offer higher interest rates on their accounts.

All transactions in a virtual bank are handled entirely online, whereas "online banking" is an Internet-based option offered by regular banks. See mobile check deposit and online banking.
References in periodicals archive ?
Global Banking News-January 25, 2018--HKMA to allow virtual banks with no physical presence
Bank, as well as the virtual banks Ally and Simple, make funds available according to the standard regulations or better.
As a result, banks in Asia may have to start thinking of setting up virtual banks (banks without any physical branch networks) and come up with different ways of servicing customers.
This way the list can be used for both virtual banks.
Virtual banks offer better deals on checking accounts, according to a study done by Bankrate.
For the bold, there are virtual banks -- institutions that operate online only.
The key challenge for banks will inevitably lie in striking a balance between bricks and clicks--that is, traditional branch banks and virtual banks.
It is possible that virtual banks could be more volatile.
Carse also said Hong Kong will soon issue guidelines on electronic banking to address problems that involve banks outside Hong Kong advertising for deposits in the territory, ownership of virtual banks and online security matters.

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